FX.co ★ Forecast for AUD/USD on December 29, 2023

AUD/USD

Yesterday, the price broke above the upper band of the ascending price channel, with the upper shadow of the daily candle reaching the target level of 0.6872. The channel has been worked out and it is no longer relevant, so the focus is on target levels. The price is rising once again, with the nearest target being the resistance at 0.6872, which the price previously reached. Next, we expect the price to rise towards 0.6897 and then 0.6944.

The divergence between the price and the Marlin oscillator is also invalidated due to its unusual behavior with extremely sharp angles and excessive zig zag patterns. The progress of the signal line fits into the ascending channel with a local reversal from the upper band. This reversal is similar to the one that occurred on November 22, marked by the blue rectangle. We are waiting for Marlin to leave the channel and move upwards.

On the 4-hour chart, the signal line of the Marlin oscillator has risen from the zero line for the second time in a row (indicated by the arrows). This is a sign of an upcoming rise in both the oscillator and the price. The AUD/USD pair is in an uptrend, rising above the balance and MACD indicator lines. We expect this trend to remain intact.